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Interview of MTO Management with Jay Taylor & Al Korelin |
Special
Advisory/Update:
Metanor Resources Now Producing
Gold at Bachelor Lake Mill
Now is the time to pay attention
to MTO.V shares as the current valuation is making upward
adjustments to reflect forward discounted future revenues of Metanor as a gold producer with a solid expandable resource base
in a mining friendly region.
The newly refurbished mill is
being scaled into production, they are currently producing at 725 TPD
and will increase capacity over time. The initial production for year one
according to the company will comfortably be 25K - 35K ounces, but
Mining MarketWatch notes that Metanor is able to readily upgrade and
tweak up to 1200 TPD when appropriate (generating well in excess
of 60K ounces/yr). See July 9, 2008 release [25%
more gold from the Bulk Sampling at Barry].
Management has been impressive in
its ability to execute upon plans to achieve this milestone and
Metanor now sits with a large cash balance (approximately $6.5M
as of January 08) and entering a cashflow positive production
mode. With less than 73M shares outstanding and trading under
CDN$1.20/share, the market cap of MTO relative to its resource
base/production expansion plans and future revenues make MTO.V
among one of the most attractive vehicles for gold investors in
2008.
Figure 1. Metanor's refurbished
Batchelor Lake Gold Mill - now in production
------- ------- -------
-------
Recent Selected News Updates:
Metanor Pours More Gold and Commences 15,000m Drilling Program
[See
Apr 24/08 Release]
Acquisition of New Properties near Barry Deposit
[See
Mar 12/08 Release]
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Metanor Resources
Inc.
TSXV-MTO
Metanor Resources Inc. is an
advanced stage development and exploration mining company listed on the TSX
Venture Exchange (ticker symbol
MTO.V).
Metanor has come to our attention due, in part, to the extraordinary
opportunity afforded investors as a gold producer
utilizing their 100% owned Bachelor Lake Gold Mill in the
prolific Abitibi Mining District of Quebec.
 Metanor
now has the Bachelor Lake Gold Mill functioning and processing the ore
extract from the open pit operation on their Barry gold deposit
(located approximately 65 km southeast of the mill).
The Barry deposit has NI 43-101
indicated resources of 52,300 oz Au and 126,600 oz Au of Inferred
Resources. Primary crushing is done on-site, with secondary
crushing and refining at the Bachelor Lake facility. The Barry property
boasts a highly efficient ore-to-waste ratio of only 1:1.
 Initial cash flow from production will be
used to expand the resource base at the Barry Deposit
and further develop the enormous potential at the Bachelor Lake Gold
Mine which produced over 131,000 oz of gold during the 1980's, it
currently has resources of 300,000 oz Au and is open in all directions
at depth with plans to upgrade to 1,000,000 oz.
According to Metanor's President, Ghislain Morin, current depth of the
shaft at the Bachelor Lake Gold Mine is 1,700 feet, the shaft will be
sunk an additional 600 feet to a depth of 2,300 feet and a 20,000 meter
drill program is expected to add an additional 700,000 ounces of
resources. Mr. Morin has many years of mining
experience with an expertise in both underground development and shaft
sinking. Prior to joining Metanor Resources, Mr. Morin built mills for
several area miners including Cambior (now owned by Breakwater), Aur
Resources and BHP Billiton. The two main veins at the Bachelor Lake Gold
Mine run parallel and are 75 feet apart at an 80
degree angle. Metanor expects to drop shaft an additional 700 feet in
the near future and the potential is in place to identify 1.5 million
ounces going forward. Area miners such as Aur Resources (now Teck
Cominco), Agnico-Eagle and Sigma are currently mining at depths of between 5,000 and
8,000 feet. The gold grade at the Bachelor Lake property increases at
depth and the strike is open in all directions at the 2,300 foot mark.
Metanor will also acquire
advanced projects near the Bachelor Lake Mine and capitalize on their
good fortune of being the sole mill within a 100 km radius in an area
that contains in excess of 1.5M oz of gold from various entities. MTO
has an additional 100,000 oz (historic non NI43-101 compliant) gold on
their Hewfran extension and recently acquired gold properties (63
adjacent claims) contiguous to Bachelor Lake which hosts the once
producing (until 1967) Coniagas Mine.
Proceeds from recent private placement
will mainly be used to fund the work program to develop the Barry gold
project through an open pit operation and to develop and explore the underground extensions of
the Bachelor gold deposit. These efforts will ensure enhanced production
capabilities and enable Metanor to achieve its readily achievable target of
US$35,000,000 in revenue/year (based on US$600 per oz gold) from milling
operations producing 65,000 oz/year by year 3.
Metanor also has several other properties
of significance including their Dubuisson property which precipitated
MTO becoming a publicly traded entity in 2003. The Dubuisson property
lies within the city limits of Val-d'Or, Quebec, where 9,000 m of
exploratory drilling has confirmed a measured, indicated, and inferred
resource of over 450,000 ounces of NI 43-101 compliant gold. This
property alone is a significant plum, however it is important to note
that Metanor's flagship and main focus is their 100% owned Bachelor Lake
Property; the exceptional revenue generation from the mill and vast resource base of the gold mine.
|
 MarketWatch
Undervalued Opinion:
MTO.V appears to be an exceptional buy. Production in
2008/09 should conservatively come in at 25K - 35K oz and ramp up from there to
65k oz in 2009/10. The mill is
configured to produce dore bars of gold, with a small
component of silver.
Additionally MTO currently trades under CDN$1.20 per share and has a current
market cap that equals value of their Bachelor Lake Gold Mill structure
alone (with a replacement value of
$140M including headframe, roads, and all surface equipment). Metanor possesses
known gold resources between the Barry Deposit and Bachelor Lake of over
470,000 oz + over 100,000 oz historic at the Hewfran extension but more
importantly the Bachelor Lake Gold Mine has a proven geological model
that is open in all directions at depth with plans to upgrade to
1,000,000 oz. They also currently have ~450,000 oz at the
Dubuisson property. ...With gold production now underway MTO.V appears to offer exceptional opportunity, their
forward looking EPS will likely be very significant as a debt free unhedged gold producer. The current market cap relative to expected
revenues is disproportionate; according to a recent (June 2008)
analyst report MTO is in line for a serious upside price change. |
Metanor’s tax credit incentives found in mining friendly Quebec :
Because of incentives offered by the government of Quebec, for every $1
that Metanor invests in underground development and exploration, they
will receive $0.46 in the form of a tax credit. Tax incentives will
benefit the company greatly, as 2008 plans include additional underground development and a
15,000 meter exploration drill
program.
Metanor's Technical Leadership and Management:
-
Mr. Serge Roy, Chairman CEO, is a licensed professional
who has held key positions for such companies as Stabell Resources Inc.
and Ovaltex Consultant inc. (mining consultants and geological
engineers), has made has made key strategic decisions that have
maneuvered Metanor to a position of great strength in the region and is
well qualified to maximize shareholder value as Metanor transitions from
explorer to gold produce.
Mr. Ghislain Morin is President
& COO. Mr. Morin participated in many feasibility
studies with a view to implementation of mines, mining projects and
mining product installation companies. Between 1981 and 1989, he
founded Équipement Minier GRM Inc. for which he is now vice
president. Mr. Morin has been involved in planning, management,
monitoring, construction and evaluation of various mining projects
since 1974.
Andre Tremblay, Director of Exploration, holds a
bachelor's degree in geological engineering and a masters' degree in
earth sciences (structure) from the Universite du Quebec in Chicoutimi .
He's acted as a director of exploration and/or various senior geologist
positions with companies (as Ressources minieres Coleraine, GeoNova
Explorations, Gestion S.R.C. Inc., Groupe Minier O, Mines Camchib,
Campbell Resources Inc.).
|
For a full review of Metanor Resources Inc.'s
properties see the related URL's: |
|
Bachelor Lake
Gold Mine & Mill
The Bachelor Lake property is Metanor's main
focus.
|
Barry Gold
Deposit
The open
pit operation on MTO's Barry gold deposit will be processed at
Bachelor Lake.
|
|
Dubuisson (Val-d'or)
The Dubuisson Property
is 432 hectars within the city limits of
Val-d'Or, Quebec, where 9,000 m of exploratory drilling has confirmed a
measured, indicated, and inferred resource of over 450,000 oz
gold. |
Whahnapitei (Sudbury)
The Wahnapititei Property
is 130 hectares in which diamond
drilling performed demonstrates the area is prospective to high grade
gold (7-15 g/t), along with significant amounts of cobalt and nickel.
Mineralized zones identified are located less than 5 km north-east of
the Nickel Rim South deposit, where Falconbridge is investing
over $368 million in underground development of its deposit and it is
already understood that mineralization from Falconbridge's property
extends into Metanor's. |
|
Opinaca (Northern Quebec)
Holding Property;
4,827 hectares that lie about 30 km
south-southwest of Goldcorp's Eleonore gold property. Values on
nearby properties have gold values ranging from 6.02 g/t Au to
12.03 g/t Au over a 75 m strike length.
|
Vassan (Val-d'or)
Holding Property;
The property is located in a favorable geological
context for different types of mineralization, such as
auriferous in the veins inside the Vassan intrusive,
volcanogenic sulphides in the intermediate to mafic volcanic
sequences and of the platinoids type mineralization in the
ultramafic sequences of the Dubuisson Formation. |
Note: This list is not intended to be
a complete overview of Metanor or a complete listing of Metanor's projects.
|
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To have a complimentary
investor package on
Metanor Resources Inc . sent
to you
CLICK HERE |
For more information
contact Metanor Resources Inc.'s head office:
Ph (819).825.8678
E-mail:
info@metanor.ca
Company's web site:
www.metanor.ca
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Silver Shortage? What, Me Worry? - Bond
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British Gold Sovereigns - The Preserve of Collectors, Savers and
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